July 30, 2020 / 9:32 AM / 13 days ago

Hong Kong June retail sales plunge 24.8% y/y as coronavirus weighs

HONG KONG (Reuters) - Hong Kong’s retail sales fell 24.8% in June from a year earlier, hammered by the coronavirus outbreak which has kept tourists away and pushed many retailers and restaurants to the brink of collapse.

Sales dropped to HK$26.5 billion ($3.42 billion), government data showed on Thursday, the 17th consecutive month of decline. The drop compares with a revised 32.9% decline in May.

In volume terms, retail sales in June fell 25.4%, compared with a fall of a revised 34% in the previous month.

Sporadic anti-government protests, at a much smaller scale than demonstrations that rocked the global financial hub last year, also weighed on the retail sector, forcing some shops to close temporarily.

Reporting by Donny Kwok and Twinnie Siu; ; editing by John Stonestreet

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